Overview and Scope
Natural refrigerants are compounds produced from natural sources and utilized in cooling systems. These refrigerants are more eco-friendly and have a low to no ozone depletion potential (ODP) and a shallow global warming potential (GWP), making them more environmentally friendly.
Sizing and Forecast
The natural refrigerants market size has grown strongly in recent years. It will grow from $1.41 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to environmental regulations, growing environmental awareness, energy efficiency concerns, cost competitiveness, rising demand for hvac systems.
The natural refrigerants market size is expected to see strong growth in the next few years. It will grow to $2.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to global warming potential (gwp) regulations, paris agreement commitments, consumer preference for sustainable products, expansion of cold chain logistics, awareness and education campaigns. Major trends in the forecast period include advancements in refrigeration technologies, adoption of co2 as a refrigerant, innovative system designs, iot integration in refrigeration, circular economy initiatives.
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The natural refrigerants market covered in this report is segmented –
1) By Type: Ammonia (R-717), Carbon Dioxide (R-744), Hydrocarbons, Other Types
2) By Application: Refrigerators, Air Conditioning Systems, Other Applications
3) By End-Use Industry: Industrial, Commercial, Domestic
Europe was the largest region in the natural refrigerants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the natural refrigerants market report during the forecast period. The regions covered in the natural refrigerants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing use of natural refrigerants is expected to propel the growth of the natural refrigerants market going forward. Natural refrigerants are substances derived from natural sources that are used in cooling systems as refrigerants and are less harmful to the environment than synthetic refrigerants. Many production plants are opting to use natural refrigerants in their cooling systems due to their more sustainable and future-proof properties, which aid in less energy utilization and reduced maintenance expenses than chemical refrigerants. For instance, in February 2022, statistics shared by Emerson, a US-based company operating in natural refrigerants, CO2 refrigeration has been widely employed in Europe, and currently, that tendency is continuing, with adoption in the United States and other nations rapidly expanding with 46,500 CO2 transcritical booster systems are currently in use across the world, including 900 in the United States (1,400 in North America if Canada is included), 40k in the EU, and 5k in Japan. Moreover, it expects CO2 adoption to increase by up to 50% by 2025 in the US. Therefore, the increasing use of natural refrigerants is driving the growth of the natural refrigerants market.
Key Industry Players
Major companies operating in the natural refrigerants market report are Sinochem Corporation, Linde Plc, Air Liquide, Emerson Electric Co., Evonik Industries AG, Hess Corporation, Airgas Inc., Alfa Laval AB, TEKO, Carel Industries S.P.A, True Manufacturing Co. Inc., Secop Group Holding GmbH, A-Gas international, Güntner GmbH & Co KG, Casale SA, Tazzetti SpA, Westermeyer Industries, Puyang Zhongwei Fine Chemical Co. Ltd., HyChill Australia Pty Ltd., Natural Refrigerants Company, Shandong Shing Chemical Co Ltd., M&M Carnot, Engas Industries Pty. Ltd., A.S. Trust and Holdings, Nel Hydrogen, GTS S.p.A., Harp International Ltd.
The natural refrigerants market report table of contents includes:
1. Executive Summary
2. Natural Refrigerants Characteristics
3. Natural Refrigerants Trends And Strategies
4. Natural Refrigerants – Macro Economic Scenario
5. Global Natural Refrigerants Size and Growth
…..
32. Global Natural Refrigerants Competitive Benchmarking
33. Global Natural Refrigerants Competitive Dashboard
34. Key Mergers And Acquisitions In The Natural Refrigerants
35. Natural Refrigerants Future Outlook and Potential Analysis
36. Appendix
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